VF 2nd-quarter net fell 18%; net on continuing operations up

RobertDaniel

NEW YORK (MarketWatch) -- VF Corp.,
VFC, -11.08%
the Greensboro, N.C., apparel maker, reported second-quarter earnings fell 18% on 12% higher revenue. Profit fell to $81.7 million, or 72 cents a share, from $99 million, or 88 cents, in the year-earlier period. Earnings from continuing operations rose to 93 cents a share from 80 cents. The key difference: a 21-cent loss from discontinued operations as VF closed the sale of its intimate-apparel business in the second quarter. The 93 cents also includes a 4-cent gain from the sale of the H.I.S trademarks and related intellectual property in Europe. Revenue rose to $1.52 billion from $1.35 billion. A survey of analysts by Thomson Financial produced consensus estimates of 87 cents of profit on $1.53 billion of revenue. For the third quarter, earnings from continuing operations should increase 10% on 12% higher revenue, VF said. "We are taking a cautious outlook regarding retail and consumer trends for the second half of the year by maintaining our guidance for a 12% increase" in revenue and earnings per share, the company said.

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